European Union countries have expressed broad support for one round of 30% retaliatory tariffs if the United States does not reach a trade deal with the EU.

If Trump follows through on his threat of tariffs against Europe, it could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

The possibility of a 30% tariff this week “is a game changer,” said Dante Galeazzi, CEO and president of the Texas International Produce

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

President Donald Trump released two tariff letters on Saturday, imposing duties of 30% on products from Mexico and the European Union.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.